Every dive is a calculated risk, no matter what the depth is. Know your individual limitations, your equipment, and don't hang your "blessed assurance" over the edge too far or too often (preferably never). It is never worth it. There are an average of 40 commercial divers each year who would attest to that if they were still vertical. In the commercial deep sea construction field, company tables have a limit of 180 minutes for your depth question - whether it is 40 feet max or 1 feet max. Beyond that you are in recompression using oxygen territory. There are many factors to consider, physical health, body type, water temperature, type of work involved, equipment, etc. (I will spare you the myriad of potential complications that could occur). So, the companies I have worked for (which were known to be the best in the world) tables say for 1 feet of depth down to 40 feet of maximum dive depth, 180 minutes "maximum bottom time". If you exceed this time limit at all - by one second or more - the table requires surface decompression in a recompression chamber using oxygen - which I am pretty sure scuba divers don't carry around with them. Don't fool around, don't push the limits on depth or time. There you go scuba hunters.
"There are old divers and there are bold divers, but there are no old bold divers"..